The numbers for sports betting in Maryland were mixed in February, but one key metric reflected good news for operators in the growing market.
The revenue derived from sports betting in February, also known as taxable win, was $18,645,869, breaking a record set the previous month. Of course, mobile wagering only launched on Nov. 23 so it’s normal to expect records to keep falling this early in the process.
Maryland Sports Betting Revenue Analysis
The revenue last month was a 32.3% increase compared to the January Maryland betting revenue report, when the total combined figure was $14,097,423.
This came despite a decline in handle, or the dollars bet by customers.
February’s sports betting handle was $339,421,546, a 23.1% decrease from January’s $441,481,779.
The state introduced online Maryland betting apps in the middle of the NFL season and, as has been the case in every other state, that is by far the preferred option compared to brick-and-mortar sportsbooks.
February’s mobile sports betting handle was $325,078,708, which includes $15,810,783 in free promotional wagers.
That figure was down 23.1% from January’s total of $422,657,954, according to a report from Maryland Lottery and Gaming.
The retail sports betting handle fell 23.8% in a month-over-month comparison, from $18.8 million in January to $14.3 million.
But the state tax from sports betting (15%) rose from $2.11 million to $2.8 million.
MD Sports Betting, February vs. January
New Player For Maryland Sports Betting
The newest operator among mobile betting apps in the Old Line State is the Betfred Sportsbook Maryland.
The brand launched in conjunction with Long Shot’s, which also has a physical sportsbook. Long Shot’s is based in Fredrick.
That gives Maryland eight online betting operators. Five of the state’s six casinos operate in-person sportsbooks, plus sports betting options are available at a growing number of non-casino outlets.
Long Shot’s launched in time for the Super Bowl and recoded $406,018 in online handle in its first partial month. The retail outlet had $189,224 in handle for the month.
Breakdown of Maryland Sportsbooks
Live! Casino Mobile, which is partnered with FanDuel Maryland Sportsbook, led the state in mobile sports betting handle for February at $157.7 million.
DraftKings/Crown MD was second at about $100.5 million, followed by BetMGM ($33.19 million), Caesars (about $16 million) and Hollywood Casino Mobile (Barstool, $9.8 million).
The leading retail sportsbook in February was MGM National Harbor at $5.58 million, followed by Live! Casino in Hanover ($3.4 million) and Horseshoe Casino Baltimore ($2.18 million).
The handle at the four non-sportsbook retail outlets totaled $555,564 for the month, led by BingoWorld at $277,814.
Retail sports betting in Maryland launched Dec. 9, 2021 and, as mentioned, mobile began a few months ago.
Turn to BetMaryland for the best Maryland sportsbook promos you’ll want to use as March Madness, Major League Baseball, and postseasons in the NHL and NBA approach.